Lydon Cooper 10 August 2017

Valuation of flat for sale under pagdi system

Hi,

I have a simple query. I am tenant of a flat under the pagdi system in Mumbai since the last 40 years. I have decided to sell this property, or rather transfer the tenancy / relinquish my tenancy to a buyer for which I have approached my landlord. My landlord has agreed to the sale and In fact has a few buyers who are ready to pay a fair value for the flat. The landlord also informed me that i should only be interested in the net value of the flat that I will get and the transfer charges of 33% he will adjust with the buyer who is hus friend and whom he has a private understanding.

My query is regarding the Valuation of a Pagdi Flat. Is there a seperate ready reckoner for valuing such properties? The normal ready reckoner does not mention about the sale of a pagdi flat by a tenant. As per the landlord, for a rental / pagdi flat a vlaue of 40% of the ready reckoner value of the flat is to be considered. Is this correct?

Thanks in advance.

Regards,

Lydon

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2 Replies

Kishor Mehta (CEO) 24 September 2017

There is no ready reckoner for rented premises (pagdi flats), you can get an idea of fair price from the local estate agents. A tenant does not have the right to sale the rented premises, he can only transfer his tenancy rights with the consent of the landlord.

Nitesh singh 18 October 2018

You have no authority to sell Rental Property and for Price you can Contact with local Broker and Real estate consultant service , I know consultant Name India Property Clinic .